I love George Bush because he makes me look like a prophet ...
The Bush administration, who talks a big game about accountability and market fundamentals, is going to bailout FANNIE MAE and FREDDIE MAC. You and I will will pick up the tab, which should cost us billions more than whatever the Bush administration says it will.
I began writing about this back in April. In spite of what the Bush administration said at the time, I wrote that the American Taxpayer - you and me - were going to pick up the tab caused by deregulation, cheap money, and industry stupidity in the housing market. If you're curious what this is all about, here's one of my earlier posts on the topic (or click on one of the labels below).
I'll have more to say about this during the week.
- Mark
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